Seal of the  State of Connecticut, Office of the State Comptroller

STATE OF CONNECTICUT

NANCY WYMAN
COMPTROLLER

OFFICE OF THE STATE COMPTROLLER
55 ELM STREET
HARTFORD, CONNECTICUT 06106-1775

MARK OJAKIAN
DEPUTY COMPTROLLER

WYMAN PROJECTS BUDGET SURPLUS OF $588.3 MILLION
Contact: Steve Jensen
860-702-3308/3301
Steven.Jensen@po.state.ct.us

State Comptroller Nancy Wyman today projected the state will end the 2007 fiscal year with a budget surplus of $588.3 million.

Wyman's estimate grew by $28.3 million over the last month, due mainly to increases in collection of the inheritance tax and the tax on real estate transactions.

Wyman noted that a $10 million jump in collection of the real-estate conveyance tax is tied to a relatively small category of real estate transactions involving "transfer of control" of a property.

"Unfortunately, this short-term spike does not signal a turnaround in the housing market," Wyman said, adding that the real estate conveyance tax is expected to bring in about $17 million less than expected for the year.

Overall, the state economy continues to see modest growth. Connecticut added about 4,000 jobs in January, bringing the total for the fiscal year so far to 10,400.

Collection of the tax that corporations pay on their profits also remains strong, and is expected to bring in $109.9 million more than original estimates.

Wyman's overall surplus projection is $52.1 million higher than that of the Governor's budget office. It is based on an annual state budget of $16.07 billion.

Wyman is proposing using $100 million of the surplus to this fund, as well as 10 percent of any future budget surpluses, to address the $21 billion liability in the state's retiree health care account.

The State Comptroller appreciates input on this and other issues from residents of the state. Please feel free to contact her office by phone - (860) 702-3300; mail - OSC, 55 Elm Street, Hartford, CT 06106; or, via E-mail - osc.opinions@po.state.ct.us

Learn more about the Connecticut Comptroller's Office by calling up our Internet Home Page, at the link below.

For Immediate Release
April 2, 2007

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